On March 1, Bates Board Shop sells 290 surfboards to a local lifeguard station at a sales price of $420 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. Assume the perpetual inventory system is used. A. the initial sale B. the subsequent customer payment on March 10 If an amount box does not require an entry, leave it blank. Mar. 1

Question
On March 1, Bates Board Shop sells 290 surfboards to a
local lifeguard station at a sales price of $420 per board.
The cost to Bates is $140 per board. The terms of the sale
are 3/15, n/30, with an invoice date of March 1. Create the
journal entries for Bates to recognize the following
transactions. Assume the perpetual inventory system is
used.
A. the initial sale
B. the subsequent customer payment on March 10
If an amount box does not require an entry, leave it blank.
Mar. 1
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Transcribed Image Text

On March 1, Bates Board Shop sells 290 surfboards to a local lifeguard station at a sales price of $420 per board. The cost to Bates is $140 per board. The terms of the sale are 3/15, n/30, with an invoice date of March 1. Create the journal entries for Bates to recognize the following transactions. Assume the perpetual inventory system is used. A. the initial sale B. the subsequent customer payment on March 10 If an amount box does not require an entry, leave it blank. Mar. 1

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